Very canny advice from a professional - thanks to Ritikkumar Singh - Financial management professional Trader/ Investor - buyers would be well advised if they heed this advice, which is relevent in any housing market.
Navigating a changing real estate market requires careful consideration and strategic planning. Here are some strategies for homebuyers in a market that is experiencing fluctuations or changes:
Remember that real estate markets can vary widely by location, and local market conditions can influence the effectiveness of these strategies. Working closely with real estate professionals and staying adaptable to market changes are key elements of successful homebuying in a changing market.
2022 is starting off as 2021 ended, too many buyers, chasing too few properties for sale. I am beginning to think that sellers are reluctant to list their homes because they see the rising prices and wonder how they will afford their next home. It is a problem and compounding the price rises, as multiple offers are the norm. My advice is to stay calm, and just be sure to have all your ducks in a row. Listing agents and their sellers are more and more asking for watertight contracts, they are taking cash offers from investors and corporations, often with no inspections and quick closing times. I have worked with buyers who are continually frustrated with this. Younger buyers, who are of a generation that is used to fast transactions, are hit the hardest. Not only are they seeing their percentage deposit shrink as prices rise, but they can't get traction on a deal. I recommend considering a fixer upper, which in the long run can be a better buy. Financially savvy buyers are looking at homes with work to be done rather than pay for an updated home, done by the seller or investor, usually with a premium on it. If it is a long term proposition, first time home with room to grow a little, then this can put less strain on the pocket in the short term, and reap a better reward over the life of ownership. Plus buyers get to have what they want instead of taking that shiny new, but not favorite design kitchen and bathroom. With 19+ yrs selling real estate in the greater Tampa Bay area, I have seen this market before, it is challenging, but can be overcome. Don't give up, call me!
Even the most seasoned real estate professionals have a hard time trying to give a right answer to buyers and sellers during this Covid-19 situation. What is clear is that there are less homes on the market in a time that is usually very busy, particularly in the residential market. However there are definitely buyers who need a new home. It may be because of job relocation, retirement, school needs, family situations, all of which do not stop for the virus. Interest rates are at a historically low level, and lenders are still lending. My personal recommendation is to continue to search for your ideal home, so long as you are comfortable that your income stream is secure and the home is affordable there is no reason to halt your search. If you are thinking of selling your home, know there are buyers, like these mentioned above, who still want to find the right one. If you need any further help with buying or selling a home, click the contact tab.
January 2021. There is always a silver lining, and despite many challenges that we have faced this last 12 months, Tampa Bay, and the City of St Petersburg has come through for its fans of sport. The popular St Petersburg Grand Prix, with the street racing and high octane fans did run, it was a smaller crowd, but they were nonetheless buzzing with excitement when the long delayed March race finally got the start flag in October. The Rowdies Soccer team concluded a very successful season, winning their division, sadly unable to play for the national finals due to the covid restrictions. Our home ice hockey team, the Tampa Bay Lightning brought home the Stanley Cup once again in 2020 after a long and challenging season, and much loved Tampa Bay Rays baseball wide won the American League Pennant and the East Divisional Title in 2020. We are all hoping for continuing good fortune to all our teams this coming year, go Bucs, Rowdies, Lightning and Rays!!!!
A recent survey of metro areas in the USA revealed that many millennials in particular are regretting more than two years of renting. Zillow Housing Aspirations Report suggests that although homeownership comes with headaches, taxes, insurance and ongoing maintenance and repairs, the regrets from long term tenants is greater.
.... don't have all your eggs in one basket
